Regulation
FCA unveils enhanced oversight programme for newly authorised firms
The Financial Conduct Authority has revealed an expansion of its Early and High Growth Oversight offering with a commitment of providing closer support for 300 newly authorised businesses by the end of 2023.
Aviva reveals scale of broker recruitment ‘headache’ threatening growth
Almost all brokers – 98% – currently have job vacancies with more than half (53%) reporting a vacancy that had been open for four months or more, according to research by Aviva.
Amanda Blanc to co-chair Treasury’s climate transition plan taskforce
Aviva boss Amanda Blanc has been named as the co-chair of the government’s UK Transition Plan Taskforce along with John Glen, economic secretary to the Treasury.
New Stubben Edge network appoints first AR
Stubben Edge has signed up The Verity Centre as its first appointed representative partner.
Car insurance prices up 4% in Q1
A 4% rise in average comprehensive car insurance premiums in the first quarter of the year has pushed the annual rate to a 2% increase, according to research by Confused and WTW.
Motor insurance premiums levelled off in February
The cost of car insurance has risen by 4.3% since the start of the year, Consumer Intelligence has calculated.
FCA staff vote to strike
Unite the union representing staff at the Financial Conduct Authority (FCA), announced yesterday (12 April) that staff at the regulator had voted in favour of industrial action.
FCA warns on broker clone
Colin Halliday, managing director of Trade and Commercial Broking Services, has praised the work of the Financial Conduct Authority and Ten Insurance after being targeted by a clone website.
Blog: Sanctions screening and responsibilities of UK insurance brokers
It’s critical for brokers to understand and manage sanctions screening and anti-money laundering compliance to avoid possible penalties, including fines, reputational damage and potential imprisonment for senior decision makers, says Paul Tasker CEO of…
Lords Committee calls for “a broader reassessment of regulatory culture”
The Industry and Regulators Committee has outlined concerns about proportionate regulation in the London Market in a letter written to the Economic Secretary to the Treasury, John Glen MP.
FCA warns of Direct Line clone
Regulator flags Direct Line Sustainability to customers.
Regulatory changes set to bite
Former FCA insider, Michael Sicsic, highlights that developments from the watchdog will hit home in 2022.
Experts respond to “disturbing” motor insurance ethnicity penalty report
Insurers face challenging questions but the Association of British Insurers insists “insurers never use ethnicity as a factor” to price cover.
Q&A: Mike Keating – MGAA CEO
Ahead of the Meet the MGA event which takes place on 30 March in Birmingham, Mike Keating explains the value of MGAs to the broker space.
ICO cracks down on firms’ nuisance ‘appliance insurance’ calls
Five companies were collectively fined £405,000 by the Information Commissioner's Office for over 755,000 unsolicited marketing calls.
Hiscox chair calls for more consistency and less bureaucracy in regulation
Non-executive chairman Robert Childs has called on regulators to be more flexible, offer more consistency, and prioritise a competitive edge.
Analysis: FCA bares its teeth on residential property insurance
Martin Friel explores the likelihood of intervention by the watchdog as premiums go up in a market that has “not worked well” for more than a decade.
FCA dual pricing rules drive biggest monthly premium jump in eight years, says Consumer Intelligence
Average premiums for home insurance rose 9.1% in January while motor was up 4.9%, according to the specialists.
MGA evolution can support broker independence, says Pro Global’s Danny Maleary
MGA leader assesses opportunities for brokers, changes in capital providers backing risks, market consolidation and the sector’s expansion.
FCA supports long-term economic growth objective
Regulators quizzed by Treasury Select Committee.
ICO fines Tempcover £85,000
The regulator said the penalty was for a “serious contravention” of the Privacy and Electronic Communications Regulations.
FCA appoints interim chair
Richard Lloyd will take up the position while a permanent replacement for Charles Randell is found.
In Depth - How brokers can still succeed in personal lines
Martin Friel explores how brokers in the personal lines space can gain the upper hand over direct writers and learns how technology and, surprisingly, regulation are creating fresh opportunities for intermediaries
Opinion: LV's Mike Crane considers the future for personal lines
LV Broker’s Mike Crane reflects on the impact of consolidation, pricing practices, trust and asks if brokers are well placed to take advantage of the developments